FG’s councillors support AIB sale

THE proposed sale of a 25 per cent stake in AIB saw Fine Gael unite in favour of the sale.

Cllr Joe Behan called for a suspension of standing orders to discuss the planned sale and the implications it will have on people in mortgages and businesses in difficulties.

Cllr Behan laid down a notice of motion saying he deplored the decision of the Government and looked for an assurance that the loans won’t be sold to vulture funds.

‘Obviously we are all aware of the Government’s decision to sell 25 per cent stake in AIB. We put €20billion into this banks and the proceeds of this sale won’t be used for services like housing, social welfare and hospitals. The money is to be used to pay off debts without any discussion in the Dail.

‘It is proposed by AIB to more or less get rid of non performing loans to vulture funds on a scale that is unheard of in this country. It’s a massive sell off of none performing loans to private enterprises.

‘ This will have major implications because they will demand immediate payment. We should express our views.

‘Many ordinary people bought shares in AIB and then we kept it afloat. A lot of people will struggle. We want to get the message to the Department that we don’t agree with this sale.’

Cllr Tom Fortune fully supported Cllr Behan saying that the sale ‘ beggars belief. We are told the country is recovering and getting better yet here we are going to sell off an asset. I think it’s disgraceful, it’s immoral to try and take a house off a person.’

Cllr Oliver O’Brien said that the sale shouldn’t be happening.

Cllr Edward Timmins said ‘nobody wants to see people losing their home or having businesses suffer but I don’t agree with the wording. Selling a stake in AIB is an opportunity to get some money back and reduce our debt.

‘Here is an opportunity to get money back. It makes economic sense to sell.’

Cllr Mary Kavanagh said the Government ‘can’t just make snap decisions with state assets’.

Cllr Derek Mitchell agreed with Cllr Timmins saying ‘we should get some money back. Not selling the stake isn’t sensible. We should try get the best price.’

Following a vote the motion was passed with eleven councillors voting in favour and six voting against with one abstainsion (Cllr Pat Vance). Those against the motion were Fine Gael members - Cllrs Shay Cullen, Derek Mitchell, Grainne McLoughlin, John Ryan, Irene Winters and Edward Timmins.